Release
Department of Finance and Treasury Board
November 04, 2025
FREDERICTON (GNB) – The government is proposing legislative amendments to give people easier access to pension benefits and reduce challenges for those administering pension plans.
Changes to the Pension Benefits Act, if approved, would remove barriers that are hampering some types of pension plans and simplify how people can access locked-in pension funds. The amendments would also align New Brunswick with other jurisdictions that already allow these measures.
“These amendments represent an important step forward for New Brunswickers,” said Finance and Treasury Board Minister René Legacy. “By modernizing outdated provisions, we’re giving people better access to pension benefits and providing businesses with the clarity and flexibility they need to offer effective pension solutions. These updates will ensure fairness and opportunities for workers, employers and retirees alike.”
Currently, shared-risk pension plans are the only type of fixed-cost plans allowed to operate in the province, and, while others are permitted through exemptions, that process is complicated and causes confusion and extra work for those administering the plans. The proposed amendments would make it simpler for employers and workers to access fixed-cost pension plans and give employers better control over their costs.
The proposed updates would also make it easier for people to withdraw locked-in pension funds in certain cases. For people who have moved out of the country or have small pensions, the new rules would help them access their funds more easily.
Legacy said these proposed changes shows the government’s focus on making pensions fairer, more flexible and easier to administer – adding that more New Brunswickers should be able to benefit.
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Media Contact(s)
Mir Hyder, communications, Department of Finance and Treasury Board, [email protected].